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    Booking Holdings Inc (BKNG)

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    Booking Holdings Inc. is a leading provider of online travel and related services, operating primarily through its five consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company offers a wide range of services, including accommodation reservations, flights, rental cars, restaurant reservations, and vacation packages . Revenue is primarily generated from online travel reservation services, categorized into merchant and agency revenues, with a significant portion coming from Booking.com's accommodation reservations . In 2023, the company reported significant milestones, including over 1 billion room nights booked and record gross bookings .

    1. Accommodation Reservations - Facilitates online booking of accommodations, primarily through Booking.com, contributing significantly to both merchant and agency revenues.
    2. Flights - Offers online flight booking services through its brands, providing travelers with a range of options for air travel.
    3. Rental Cars - Provides rental car booking services, allowing customers to reserve vehicles for their travel needs.
    4. Restaurant Reservations - Operates through OpenTable, offering restaurant reservation and management services.
    5. Vacation Packages - Combines various travel services into packages, offering convenience and value to travelers.
    6. Advertising and Referral Services - Generates revenue through KAYAK's referral and advertising services, enhancing visibility for travel-related businesses.
    NamePositionStart DateShort Bio
    Glenn D. FogelPresident and Chief Executive OfficerJanuary 2017Glenn D. Fogel has been serving as the President and Chief Executive Officer of Booking Holdings Inc. since January 2017. He also became CEO of Booking.com in June 2019. He joined the company in February 2000 .
    Ewout SteenbergenExecutive Vice President and Chief Financial OfficerMarch 15, 2024 (future)Ewout Steenbergen is the Executive Vice President and Chief Financial Officer of Booking Holdings Inc., having assumed the role on March 15, 2024. He previously served as EVP and CFO at S&P Global Inc. from 2016 .
    Peter J. MillonesExecutive Vice President and General CounselJanuary 2001Peter J. Millones has been with Booking Holdings Inc. since 2001, serving as the Executive Vice President and General Counsel. He became General Counsel in January 2001 and was appointed EVP in April 2003 .
    Paulo PisanoChief Human Resources OfficerAugust 1, 2021Paulo Pisano has served as the Chief Human Resources Officer at Booking Holdings since August 1, 2021. He also holds the position of Senior Vice President and Chief People Officer at Booking.com since March 2020 .
    David I. GouldenExecutive Vice President of FinanceMarch 1, 2018David I. Goulden served as the EVP and CFO of Booking Holdings Inc. from March 1, 2018, until his retirement from the CFO position in March 2024. He transitioned to EVP of Finance, serving full-time until May 31, 2024, and part-time thereafter .
    1. With growth in the U.S. market described as low single digits and feedback from property managers indicating your platform is more complex than competitors', what specific actions are you taking to simplify your platform for property managers and accelerate growth in the U.S. market?
    2. As alternative accommodations grow 14% in Q3, how are you ensuring that this growth is truly incremental rather than cannibalizing hotel bookings, and what strategies are you implementing to attract new customer cohorts specifically seeking alternative accommodations?
    3. Given that social media marketing investments are still a relatively small part of your budget and scaling ROI has been challenging in the past, what strategies are you now employing to sustainably scale your social media marketing efforts while maintaining or improving ROI?
    4. While you've identified opportunities for operating leverage through managing fixed expenses and leveraging AI, you also mention the need to reinvest in growth initiatives; how do you plan to balance these priorities, and should we expect fixed OpEx to grow slower than revenue over the long term to drive margin expansion?
    5. Regarding the $365 million accrual related to potential settlement of Italian indirect tax matters, can you provide more details on the issue, its potential impact on future earnings, and how you're addressing regulatory risks to prevent significant unexpected expenses moving forward?
    Program DetailsProgram 1
    Approval DateFebruary 23, 2023
    End Date/DurationEnd of 2026
    Total additional amount$20 billion
    Remaining authorization amount$8.8 billion (as of September 30, 2024)
    DetailsFor general corporate purposes, including repurchasing shares and satisfying employee withholding tax obligations related to stock-based compensation.
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024€1,000 = $1,105 Senior Notes2.375 6.8% = (1.105B / 16.304B) * 100
    2025$500 Senior Notes3.65 3.1% = (0.5B / 16.304B) * 100
    2025€950 = $1,060 Senior Notes0.1 6.5% = (1.06B / 16.304B) * 100
    2025$862 Convertible Senior Notes0.75 5.3% = (0.862B / 16.304B) * 100
    2026$1,000 Senior Notes3.6 6.1% = (1B / 16.304B) * 100
    2026€750 = $837 Senior Notes4.0 5.1% = (0.837B / 16.304B) * 100
    2027€1,000 = $1,116 Senior Notes1.8 6.8% = (1.116B / 16.304B) * 100
    2028$500 Senior Notes3.55 3.1% = (0.5B / 16.304B) * 100
    2028€750 = $837 Senior Notes0.5 5.1% = (0.837B / 16.304B) * 100
    2028€500 = $558 Senior Notes3.625 3.4% = (0.558B / 16.304B) * 100
    2029€500 = $558 Senior Notes3.5 3.4% = (0.558B / 16.304B) * 100
    2029€750 = $837 Senior Notes4.25 5.1% = (0.837B / 16.304B) * 100
    2030$1,500 Senior Notes4.625 9.2% = (1.5B / 16.304B) * 100
    2031€1,000 = $1,116 Senior Notes4.5 6.8% = (1.116B / 16.304B) * 100
    2032€650 = $725 Senior Notes3.625 4.4% = (0.725B / 16.304B) * 100
    2033€1,250 = $1,396 Senior Notes4.125 8.6% = (1.396B / 16.304B) * 100
    2034€1,000 = $1,116 Senior Notes4.75 6.8% = (1.116B / 16.304B) * 100
    2036€850 = $949 Senior Notes3.75 5.8% = (0.949B / 16.304B) * 100
    2044€750 = $837 Senior Notes4.0 5.1% = (0.837B / 16.304B) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Airbnb - Competes directly with Booking Holdings' accommodations businesses .
    • Vrbo (owned by Expedia) - Competes directly with Booking Holdings' accommodations businesses .
    • Google - Competes with Kayak by showing its own meta-search results at the top of its organic search results and offers its meta-search services free to travel service providers .
    • Meta-search services - Compete directly with Booking Holdings for customers by aggregating travel search results .
    • Large online companies - Including those in search, social networking, marketplace, artificial intelligence, and ride-sharing .
    • Travel service providers - Such as accommodations, rental car companies, or airlines, which may offer lower prices on their direct channel than they provide to Booking Holdings .
    • Traditional travel agencies, travel management companies, wholesalers, and tour operators - Compete with Booking Holdings in the travel services market .
    • Companies offering technology services and software solutions to travel service providers - Including large global distribution systems (GDSs) and hospitality software and payments platforms .
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1997 PresentCurrent auditor

    Recent developments and announcements about BKNG.

    Corporate Leadership

      Leadership Change

      ·
      Dec 18, 2024, 9:55 PM

      David I. Goulden is leaving his role as Chief Financial Officer at Booking Holdings Inc. He will transition to a part-time role as Executive Vice President of Finance from January 1, 2025, to March 31, 2025. During this period, he will receive a base salary of $315,000 annually. His equity awards will not vest after this period .